Silicon Valley betting on Bitcoin with Trump support

Mark Cuban noted that Bitcoin was a key theme behind Silicon Valley giants’ support for former President Donald Trump’s political goals.

Billionaire businessman Mark Cuban said on Wednesday that Donald Trump would “make a Bitcoin play” as crypto continues to be a major talking point on Capitol Hill and in Silicon Valley. Trump told Bloomberg that he would cut corporate taxes to 15-20%. Cuban believes that lower tax rates and tariffs could theoretically trigger Bitcoin’s (BTC) parabolic run, leading to much higher prices.

“Combine this with global uncertainty regarding the geopolitical role of the US and the influence of the US Dollar as a reserve currency, and you could not have had a better alignment of stars for BTC price acceleration,” Cuban tweeted on X.

What’s more, the crypto advocate predicted that Silicon Valley giants see a Trump presidency as their best bet to cement Bitcoin as a technologically superior global currency and preferred inflation hedge. Venture capitalist founders Marc Andreessen, Ben Horowitz and Palantir’s Joe Lonsdale donated $8.7 million to America Pac, which supports Trump’s campaign.

Episode 1
Here’s a contrasting view of the emergence of support for former President Trump in Silicon Valley. Like all of my views here, it’s likely to be unpopular.

This is a Bitcoin game.

Not that the former President is a much stronger advocate of cryptocurrency. That’s good.…

— Mark Cuban (@mcuban) July 17, 2024

More California businessmen are reportedly lining up to offer financial support, and several crypto natives like Kraken founder Jesse Powell have donated millions of dollars to the former president’s cause.

“Keep that in mind when thinking about what would happen if BTC became a global ‘safe haven’ due to geopolitical uncertainty and the decline of the dollar as a reserve currency,” Cuban said. “That means BTC could be something that countries and all of us could look to buy to protect our savings.”

Cuban said that if that happens and Trump becomes president in November, BTC prices could rise to higher levels than some people think.

Trump’s Interest in Web3 and Bitcoin Takes Shape

Donald Trump has become a pro-crypto presidential candidate after a u-turn on his crypto-blockchain rhetoric. He has been praised for his opposition to central bank digital currencies (CBDCs), his support for Bitcoin (BTC) and domestic Bitcoin mining, and his selection of a crypto-friendly Vice President in Ohio Senator J.D. Vance.

The decision marked America’s first pro-crypto presidential election, with Trump’s cryptocurrency stocks soaring after the Republican candidate survived an assassination attempt at his Pennsylvania rally last week.

The developments and events resulted in a rally in the market, with Bitcoin reclaiming a new monthly high of $65,000. Trump is also scheduled to speak at the Bitcoin Conference in Nashville.